BAX vs HBB: Correlation
How closely do Baxter International (BAX) and Hamilton Beach Brands Holding Company (HBB) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAX and HBB?
On 3 years of weekly data the BAX/HBB correlation comes out at 0.46, moderate. Little has changed lately, as the 1-year reading of 0.46 lands near the 3-year figure. The 5-year figure is 0.36, and annualized covariance runs at 973.7 %².
Among the 43 assets we track against BAX, HBB ranks #22 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HBB outperformed by 124.9 percentage points (+6.6% for BAX against +131.5% for HBB).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
BAX vs HBB: side by side
| BAX (Baxter International) | HBB (Hamilton Beach Brands Holding Company) | |
|---|---|---|
| 1-year return | +6.6% | +131.5% |
| 5-year return | -62.2% | +119.7% |
| Volatility (ann.) | 38.4% | 55.5% |
| Beta vs S&P 500 | 0.89 | 0.87 |
| Max drawdown (3Y) | -62.4% | -57.7% |
| Market cap | $13.4B | $0.4B |
| P/E (trailing) | – | 7.6 |
| Dividend yield | 0.75% | 1.50% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | BAX | HBB |
|---|---|---|
| 2022 | -39.6% | -10.9% |
| 2023 | -21.9% | +46.4% |
| 2024 | -22.4% | -1.6% |
| 2025 | -33.3% | +0.5% |
| 2026 | +35.8% | +99.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAX and HBB good diversifiers for each other?
Reasonably. At 0.46, BAX and HBB keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BAX and HBB?
As of 2026-08-27, the correlation of weekly returns between BAX and HBB is 0.46 over 3 years, 0.46 over 1 year and 0.36 over 5 years.
Is HBB a good diversifier for BAX?
Reasonably. At 0.46, BAX and HBB keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bax-vs-hbb.json
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Hubs: BAX correlations · HBB correlations
